ZENINVESTING
The Collapse of the Market Maker Myth: Only Winners and Losers Exist in Capital Markets
For decades, the concept of the "market maker" — or zhuangjia — has been shrouded in an almost mythical aura within China's capital markets. The binary narrative pitting retail investors against all-powerful manipulators has become so deeply embedded that it is treated as common knowledge. Yet common knowledge is often nothing more than a synonym for collective fallacy. In reality, there are no omnipotent puppet masters in the market. Those who have attempted to control stock prices through sheer capital force have, time and again, met with catastrophic failure. The true nature of the capital market is a multilayered game of predator and prey, where outcomes are determined not by labels or capital size, but by cognitive depth and strategic capability.